Blockchain company Wanglu Technology completes angel round of financing of tens of millions, founder is the former CTO of Factom

On October 9, blockchain startup Wanglu Technology announced that it had completed a 10 million yuan angel round of financing in September, with Dahe Ventures as the lead investor and Wanxiang Distributed Capital as the follow-up investor. Wanglu Technology founder and CEO Lv Xujun said that the funds will be mainly used for team expansion and market development. In the future development, Wanglu Technology will select representative customers in several industries and customize the development of application systems based on the Wanglu blockchain platform as the underlying architecture according to the needs of the enterprises, realize the implementation of the application, and carry out demonstration and promotion in the corresponding industries.

Wanglu Technology is a blockchain technology service provider founded in July 2016. It focuses on the development of underlying blockchain technologies in the fields of data storage, digital assets, supply chain finance, anti-counterfeiting and traceability, and provides technology and industry solutions for enterprises, financial institutions and government departments.

Lv Xujun, founder and CEO of Wanglu Technology

Since he met Bitcoin in 2012, Lv Xujun has been fascinated by blockchain technology. In his own words, "I am as crazy about blockchain as those fanatical anarchists in the United States, just like I have found my destiny." In 2013, he founded Factom with David Johnston, Wang Bo and others, and served as CTO and head of the Chinese market. Factom is committed to using blockchain technology to innovate the data management and recording methods of the commercial society and government departments. In October this year, it received a $4.2 million Series A financing led by Tim Draper.

Wang Bo, the former co-founder and vice president of engineering of Factom, also participated in the establishment of Wanglu Technology and served as CTO. Lv Xujun and Wang Bo both graduated from Peking University. Lv holds a master's degree in economics, computer science and an MBA from Ohio State University, and Wang holds a master's degree in information management from the University of Michigan. Both have more than 20 years of experience in Internet and software development and management, and have started businesses many times.

Lv Xujun said that the technology of Wanglu's entrepreneurial team has been put into business in Factom and has been applied by many financial groups to projects such as fund tracking, real estate records, and mortgage loans. The US federal government also uses this technology to store and monitor customs and port entry and exit records. After returning to China, Wanglu successfully conducted in-depth exchanges with many domestic Internet financial companies and initially reached cooperative relations in the fields of digital asset issuance and trading, electronic contracts, legal documents, etc., and third-party storage. At the same time, it also discussed with many domestic and foreign group companies to cooperate in the development of trade finance, supply chain traceability and other systems.

In view of the application characteristics in China, Wanglu has used its many years of experience in blockchain development in the United States and combined it with the latest trends to create an underlying platform. For industries where blockchain can play a significant role, Wanglu works with industry experts to design application frameworks, and provides companies with a clear blockchain implementation path through the underlying platform + POC construction + solution implementation.

Li Rongge, partner of Dahe Venture Capital, the lead investor in this round of financing, said:

“The blockchain application market has broad prospects. The founding team of Wanglu Technology has strong technical capabilities and rare practical commercial experience in the field of blockchain applications. The development path set by the team is in line with the characteristics of the domestic market and can give full play to the team's advantages. We believe that Wanglu Technology can grow into a benchmark enterprise in the field of blockchain applications.”

Shen Bo, founding managing partner of Distributed Capital, who participated in this round of investment, said:

"Lv Xujun and Wang Bo were previously co-founders of the American company Factom and are leaders in technology and products. As software developers who have been working in the United States for 20 years, they have deep experience in blockchain application products and entrepreneurship. Factom is one of the first products in the global blockchain industry to be truly implemented. Their exploration of commercial applications and education and promotion in the Chinese market are obvious to all."